February 16, 2016
Today’s the day! Beginning February 16, 2016, certain provisions in 2015’s Protecting Americans from Tax Hikes Act (PATH), will go into effect. Among other things, this modifies the withholding rate imposed under the Foreign Investment in Real Property Tax Act (FIRPTA). The withholding rate is now increased from 10% to 15% in most dispositions after this date, while the old rate remains in only limited circumstances. For more detailed information, we recommend speaking with a qualified expert familiar with how FIRPTA will apply in your particular circumstances.